Market Watch: Bounce in Oil Prices Furthers Stock Rally

U.S. stocks were higher again Thursday, as oil prices staged a rally from near 7-year lows earlier this week.

Oil prices jumped more than 10% to $42.52 per barrel—up from the week’s low point of $38.95 per barrel.

Investors were encouraged by the first positive day in some time on the Shanghai Index. China’s leading index was up 5.4% Thursday, bringing volume back over 3,000 after several days of precipitous drops.

The biggest domestic news was an upward revision of second-quarter GDP, from 3.2% to 3.7%. On its own, this news was seen as encouraging—but it remains to be seen how this will impact interest rate hikes, not to mention the effect that global turmoil will have on GDP for the 3rd quarter.

Here are the final numbers from Thursday on Wall Street:

Dow Jones Industrial Average: 16,654.77 (+369.26)

NASDAQ: 4,812.71 (+115.17)

S&P 500: 1,987.66 (+47.15)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
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Phil Cannella
Phil Cannella
Phil Cannella

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